(a) Property is unclaimed if the apparent owner has not
communicated in writing or by other means reflected in a contemporaneous record
prepared by or on behalf of the holder, with the holder concerning the property
or the account in which the property is held, and has not otherwise indicated
an interest in the property. A communication with an owner by a person (other
than the holder or its representative) who has not, in writing, identified the
property to the owner is not an indication of interest in the property by the
owner.

(b) An indication of an interest in property includes:

(1) The presentment of a check or other instrument of
payment of a dividend or other distribution made with respect to an account or
underlying stock or other interest in a business association or, in the case of
a distribution made by electronic or similar means, evidence that the
distribution has been received;

(2) The presentment of a check or other instrument of
payment of interest made with respect to debt of a business association or, in
the case of an interest payment made by electronic or similar means, evidence
that the interest payment has been received;

(3) Owner‑directed activity in the account in
which the property is held, including a direction by the owner to increase,
decrease, or change the amount or type of property held in the account;

(4) The making of a deposit to or withdrawal from an
account in a financial organization;

(5) Owner activity in another account with the holder of
a deposit described in subdivisions (c)(2) and (c)(6) of this section; and

(6) The payment of a premium with respect to a property
interest in an insurance policy; but the application of an automatic premium
loan provision or other nonforfeiture provision contained in an insurance
policy does not prevent a policy from maturing or terminating if the insured
has died or the insured or the beneficiary of the policy has otherwise become
entitled to the proceeds before the depletion of the cash surrender value of a
policy by the application of those provisions.

(c) Property is presumed abandoned if it is unclaimed
by the apparent owner during the time set forth below for the particular
property:

(1) Traveler's check, 15 years after issuance.

(2) Time deposit, including a deposit that is
automatically renewable, 10 years after the later of initial maturity or the
date of the last indication by the owner of interest in the property.

(4) Stock or other equity interest in a business
association, including a security entitlement under Article 8 of the Uniform
Commercial Code, Chapter 25 of the General Statutes, three years after the
earlier of:

a. The date of a cash dividend or other distribution
unclaimed by the apparent owner.

b. The date a second consecutive mailing,
notification, or communication from the holder to the apparent owner is
returned to the holder as unclaimed by or undeliverable to the apparent owner.

c. The date the holder discontinued mailings,
notifications, or communications to the apparent owner.

This subdivision
applies to both the underlying stock, share, or other intangible ownership
interest of an owner, and any stock, share, or other intangible interest of
which the business association is in possession of the certificate or other
evidence or indicia of ownership, and to the stock, share, or other ownership
interest of dividend and nondividend paying business associations whether or
not the interest is represented by a certificate.

(5) Debt of a business association, including debt
evidenced by a matured or called bearer bond or an original issue discount
bond, three years after the date of an interest or principal payment unclaimed
by the apparent owner.

(5a) Any dividend, profit, distribution, interest,
redemption, payment on principal, cash compensation (including amounts from a
demutualized insurance company), or other sum held or owing by a business
association for or to its shareholder, certificate holder, policyholder,
member, bondholder, or other security holder, who has not claimed it, or
corresponded in writing with the business association concerning it, within
three years after the date prescribed for payment or delivery.

(6) Demand or savings deposit, five years after the date
of the last indication by the owner of interest in the property.

(7) Money or credits owed to a customer as a result of a
retail business transaction, three years after the obligation accrued.

(8) Any gift certificate or electronic gift card bearing
an expiration date and remaining unredeemed or dormant for more than three
years after the gift certificate or electronic gift card was sold is deemed
abandoned. The amount abandoned is deemed to be sixty percent (60%) of the
unredeemed portion of the face value of the gift certificate or the electronic
gift card.

(9) Amount owed by an insurer on a life or endowment
insurance policy or an annuity that has matured or terminated, three years
after the obligation to pay arose or, in the case of a policy or annuity
payable upon proof of death, three years after the insured has attained, or
would have attained if living, the limiting age under the mortality table on
which the reserve is based.

(10) Property distributable by a business association in a
course of dissolution, one year after the property becomes distributable.

(11) Property received by a court as proceeds of a class
action, and not distributed pursuant to the judgment, one year after the
distribution date.

(12) Property held by a court, government, governmental
subdivision, agency, or instrumentality, one year after the property becomes
distributable.

(13) Wages or other compensation for personal services,
two years after the compensation becomes payable.

(14) Deposit or refund owed to a subscriber by a utility,
one year after the deposit or refund becomes payable.

(15) Property in an individual retirement account, defined
benefit plan, or other account or plan that is qualified for tax deferral under
the income tax laws of the United States, three years after the earliest of the
date of the distribution or attempted distribution of the property, the date of
the required distribution as stated in the plan or trust agreement governing
the plan, or the date, if determinable by the holder, specified in the income
tax laws of the United States by which distribution of the property must begin
in order to avoid a tax penalty.

(16) All other property, five years after the owner's
right to demand the property or after the obligation to pay or distribute the
property arises, whichever first occurs.

(d) At the time that an interest in property is
presumed abandoned under subsection (c) of this section, any other property
right accrued or accruing to the owner as a result of the interest, and not
previously presumed abandoned, is also presumed abandoned.

(e) Property is payable or distributable for purposes
of this Chapter notwithstanding the owner's failure to make demand or present
an instrument or document otherwise required to obtain payment or distribution,
except as otherwise provided by the Uniform Commercial Code. (1999‑460, s. 6; 2001‑226, s. 1; 2005‑132,
s. 1.)

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